Michigan: 56% of voters said YES to recreational cannabis. The state is already the No. 2 market for medical marijuana. And this referendum allows adults age 21+ to use cannabis for recreational purposes. Commercial production and retail stores are the next step for the state.

Missouri: 65% of voters approved a medical marijuana initiative called Amendment 2. This will create a marketplace for cultivating and distributing cannabis to medical patients with a doctor’s prescription.

Utah: The state becomes one of 31 states to legalize medical marijuana. The measure squeaked by with 53% of voters in favor of legalization. The referendum provides a list of illnesses for which a doctor can prescribe cannabis.

There are now 10 states – plus the District of Columbia – that have legalized cannabis for recreational use. Plus, 31 states allow medical marijuana.

New York and Illinois are expected to be the next states to legalize cannabis.

The index has broken above the 200-day moving average. And it’s within striking distance of breaking through the 50-day moving average. A break through the 50-day would be a bullish technical signal for the index.

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